Saturday, March 11, 2017
Cumulus Media Terminates Exchange Offer
As a result of a recent ruling in the U.S. District Court for the Southern District of New York, the Company has concluded that the conditions to the Exchange Offer have not and will not be satisfied. Accordingly, the Company has elected to terminate the Exchange Offer.
As a result of the termination, none of the Outstanding Notes that have been tendered in the Exchange Offer will be accepted for purchase and no consideration will be paid or become payable to holders of the Outstanding Notes who have tendered their Outstanding Notes in the Exchange Offer. All Outstanding Notes previously tendered and not withdrawn will be promptly returned or credited back to their respective holders.
Furthermore, the Company has terminated the previously announced support agreement that the Company had entered into on December 6, 2016 with certain holders of the Outstanding Notes.
Cumulus expects to continue its evaluation of alternatives to address its capital structure including through ongoing discussions with its stakeholders.
Posted 5:04:00 AM